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Marijuana Index Gains on Strength of Canadian Cannabis Stocks

By Brandon A. Dorfman

Dec 06, 2017

A healthy day of trading for Canadian cannabis stocks led the North American Marijuana Index to gain several points over Monday’s 169.07 close. The Index as a whole fared slightly well on Tuesday despite overall market losses on both sides of the border. Even with cannabis stocks in the U.S. remaining flat, the Index grew to 173.50, a gain of over two-and-a-half percent. Trading was bumpy today, with early morning turbulence giving the Index its highest peaks and valleys. The North American Marijuana Index hit an early morning high of 174, and a low of 171.58 shortly before lunchtime.

Canadian Index

Cannabis stocks in Canada bounced back after a rough few days, with a late day surge sending the Index soaring. The Index beat expectations on Tuesday following a 53.35 point drop for the S&P/TSX composite index. After closing at 418.32 on Monday, The Canadian Marijuana Index closed at 439.20 on Tuesday for an almost five percent gain. After an early morning low of 430.77, the Index surged throughout the afternoon, reaching its peak at the close of trading on Tuesday.

On the other end of the market, Abattis Bioceuticals Corp. (CSE:ATT) (OTC:ATTBF) fell 6.52 percent today. They had lower than expected trading volume, closing at $0.215 per share. CLS Holdings USA, Inc. (OTC:CLSH), who announced their acquisition of Oasis Cannabis on Monday, dropped to $0.43 per share, a loss of 19.63 percent. Closing out the bottom of the cannabis sector, CV Sciences, Inc. (OTC:CVSI) fell 13.21 percent on Tuesday. They had higher than average trading volume and closed the day at $0.243 per share.